BANKING

CalFed Sells Off Non-Performing Assets: California Federal Bank sold or settled on $300 million worth of non-performing assets before an electronic auction that was to have taken place Dec. 2. The thrift would not name the buyers or say what prices the assets fetched. An analyst said the assets could be expected to go for book value or higher, so the thrift will probably not have to take additional losses to dispose of the bad assets. The loan sale reduced the thrift’s non-performing assets--foreclosures plus bad loans--to $880 million, or 5.6% of its total assets, down from $1.2 billion, or 7.4% of total assets, as of Sept. 30.